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I have been able to successfully play out non-RED footage to broadcast monitor at full frame rate through BM Decklink. If RED footage is in there, it does choke a bit. But I'm still exploring various settings.

UPDATE: I am able to play R3D out through BM Decklink from within Premiere. The sequence I was trying the other day may have had too many effects or something but currently in a 2 layer sequence with ProRes and R3D and both playing through to my monitor just fine. So, Transmit is sending R3D material through the BM similar to what you would see in Resolve. Keep in mind, I have a Rocket and a powerful GPU. But my system specs are average at best for the Mac Pro.

And I'm playing this in 1/2 res in a 1080 RED Preset

I can also now confirm that on my system I am able to playback 5K FF 23.98 scaled down into a RED 1080 23.98 preset, and play that out through BM with 1/4 res. Playing this back at 1/2 res turns the drop frame indicator yellow (you turn this on under the program window dropdown). Plays back okay, but is dropping frames to do so. This is a single track, no effects. Same results with I/O hardware turned off. So, my initial conclusion is that 5K material will need a much more substantial machine than I have to do any kind of native editing beyond a single track at 1/4 res.

Editing in a 4K or 5K RED preset kills the BM output, so at least in this build I can confirm that there is no playback through Transmit for these full res sequences.

I am not seeing timecode overlay display as an option other than during editing. Is there a way to have a visual reference of source timecode, even with the playhead parked on a frame? This can be important for verifying timecode match of audio and video sources. Am I just missing it?

I realize this may be beyond what you are able to answer. I'm in Australia - have pre-ordered a creative cloud subscription - yet when I log in to check my orders all I can see is an estimated availability date of the 11th May? Any clues as to what might be going on? Are cloud-subscriptions delayed in when they are able to start downloading?